November 17th, 2005 Minutes

Foundation Minutes- Board Meeting

Call to order- 3:30PM

Roll Call- Warlene Reed, Bill Zollmann, Cindy Ostmann, Mark Rudolph, Ralph Garzia. Staff members- Bob Houck, Carl Sandstedt

Bob reported that Tim DeGhelder would not be able to attend the Board Meeting, and without objection, Bob will record the minutes of November 17 meeting.

Secretary’s report- Minutes from meeting- September 22, 2005

Motion made by Ralph Garzia to accept the minutes from the September 22, 2005

Public comments- none

Market report on assets- Bob went over investment spreadsheet:  Total asset value- $324,829.39 as of 11/17/2005 .  Cash in the checking account totals $3,283.33.

Motion by Mark Rudolph to accept the financial report as presented.  Seconded by Ralph Garzia.  Motion passed

Comments from the Foundation Board-  none

Staff Liaison's Comments- Bob Houck

            Bob reported that Warlene Reed had been elected President of the Library District Board of Trustees.  The FY2005 independent audit was completed and the auditor’s report will be considered under Old Business.

Director’s Comments

            Carl reported that the construction bids for the MK expansion were lower than anticipated.  This will allow the District to improve lighting, HVAC systems, and other enhancements and still keep the project budget at about $1.5 million. The Library Express at Discovery Village should open this spring.  There will be a special orientation for newly appointed members of the Board of Trustees on December 16.  The Foundation Board is invited to attend.

Old Business-

Old Business-

06-06 Expansion of the Foundation Board

            The Foundation is still seeking to expand the Board

06-08 FY2005 Independent Audit

Bob presented the auditor’s statement noting that the financial statements of the Library District and it’s discreetly presented component unit (Library Foundation) fairly reflect the financial status in all material respects.  As requested by the Foundation Board, The Foundation is specifically identified in the balance sheets included with the audit report.  The full audit report is available and should be incorporated into the Foundation’s permanent records.

Motion by Mark Rudolph to receive the report of the Independent Auditors for FY2005, and to incorporate the report into the Foundation’s permanent records.  Second by Cindy Ostmann.  Motion passed.

06-09 - Joint Sponsorship -- St. Charles International Trade Forum

            Bob reported that $500 had been raised from external sources.  The Friends of the Library contributed $100.  The total bill of $600.00 was paid from Foundation accounts.

New Business

06-12 2006 Trivia Night -- Authorization for advanced expenditures 

Bob reported that the City of O’Fallon is considering prohibiting groups who use park facilities from serving alcohol at events in the park.  This could impact on the Trivia night.  The City will allow bookings to begin after January 1.  Some up-front spending may be needed.

 Ralph Garzia moveded to authorize up to $400.00 advance spending for the Foundation and Friends of the Library Trivia Night.  Warlene Reed seconded.  Motion passed.

06-13 FY2006 Jane Householder Scholarship Applications

            Bob reported that nine Householder Scholarship applications had been received, totaling $1,601.00.  All applicants are eligible for scholarships under the guidelines established by the Foundation Board.

            Warlene Reed move to fund the applications in their entirety.  Mark Rudolph seconded.  Motion passed.  Scholarships will be presented to: Patricia Chandler ($268.00); Sharon Gogel ($95.00); Angela McCarthy ($95.00); Nancy Stringer ($55.00); Pam Pepper ($225.00); Carrie McEachron-Mares ($130.00); Julie Smith ($54.50); Karla Perez ($299.00); and Tina Cay ($380.00).

06-14 Banking Services - Financial Advisor

            Bob reported that Midwest Bank had decided to close its trust department probably by February 2006.  Guarantee Trust of Missouri has expressed interested in assuming selected account.  Kent Reynolds believes that Guarantee will charge higher fees than the 0.7 percent currently assessed at Midwest .

            Bill Zollmann questioned the advisability of going without a professional financial advisor. Bob responded that Kent Reynolds had rebalanced the account to assure that the Foundation’s asset allocations stayed with parameters of the Investment Policy.  Carl Sandstedt added that putting the assets into a single balanced fund would accomplish the same objective without paying fees to both the fund and the advisor.

            Bob Houck reported that he could circulate another Request For Proposal for banking services.  He also will check into opening an account directly with Vanguard and depositing the mutual funds currently held into that account.  The Foundation’s account with Schwab is still active, and the investments could be held there on a temporary basis if Midwest leaves the industry before another advisor is contracted.

            Warlene Reed moved to table discussion until the January Meeting and consider recommendations at that time.  Mark Rudolph seconded.  Motion passed.

06-15 FY2005 Audit Services and IRS Form 990 -- Release of Funds

            Mark Rudolph moved to release up to $500.00 for costs of the FY2005 audit and preparation of the Foundation’s 990.  Cindy Ostmann seconded.  Motion passed.

Comments for the good of the foundation:  None

            Mark Rudolph moved to adjourn.  Ralph Garzia seconded.  Meeting adjourned at 4:50 p.m.

Next Meeting set for January 19, 2006 at 3:30pm in Foundation Meeting Room. ( Administration Building )